Business

April 25, 2012

General Dynamics first quarter net income lags

Defense contractor General Dynamics said April 25 its first-quarter net income fell 9 percent, below analysts’ expectations. Earnings were hurt by cuts in government contracts and an accounting charge in its European combat systems operations.

General Dynamics, which makes jets, tanks and other military vehicles, said its aerospace revenue was strong ó up 20 percent during the quarter on demand for its Gulfstream jets. Other divisions were hit by a slowdown in U.S. defense spending.

Under a budget agreement that President Barack Obama and congressional Republicans reached last August, defense spending will be cut by $487 billion over the next decade.

“We are continuing to see slower-than-anticipated award activity,” said CEO Jay L. Johnson, referring to government contracts.

Net income fell to $564 million, or $1.58 per share from $618 million, or $1.66 per share last year. Revenue fell 3 percent to $7.58 billion, from $7.8 billion.

Analysts polled by FactSet expected net income of $1.69 per share on revenue of $7.91 billion.

The Falls Church, Va.-based company said a $67 million accounting adjustment in its European operations reduced earnings by 13 cents per share.

General Dynamics expects net income of $7.10 to $7.20 per share in 2012. Analysts forecast $7.32 per share. AP




All of this week's top headlines to your email every Friday.


 
 

 

Headlines August 28, 2014

News: After F-15 jet crash in Virginia, rescue helicopters search for pilot - Helicopters are searching for an Air National Guard pilot after his F-15 jet crashed in the mountains of Virginia this morning, military officials said.   Business: U.S. Air Force 3DELRR contract expected soon - The U.S. Air Force could award the contract for its...
 
 

News Briefs August 28, 2014

Russian directing new offensive in Ukraine The Obama administration believes Russia is leading a new military counteroffensive in Ukraine. U.S. State Department spokeswoman Jen Psaki says Russia has sent additional columns of tanks and armored vehicles into its neighbor’s territory. She says the incursions suggest a ìRussian-directed counteroffensive is likely underway in the contested e...
 
 
LM-C5

Double Deuce

A U.S. Air Force crew ferried the 22nd C-5M Super Galaxy from the Lockheed Martin facilities in Marietta, Ga., Aug. 25. Aircraft 86-0011 was ferried by a crew led by Maj. Gen. Dwyer L. Dennis, Director, Global Reach Programs, O...
 

 
Northrop Grumman photograph

First ever RQ-4 Global Hawk hits 100th flight on NASA mission

Northrop Grumman photograph A historical look at the first Global Hawk (AV1) during its maiden flight over Edwards Air Force Base, Calif., on Feb. 28, 1998. AV1 has made history again with its 100th flight in support of NASA en...
 
 

Northrop Grumman’s CIRCM system completes U.S. Army flight testing

Northrop Grumman’s Common Infrared Countermeasures system recently completed another round of U.S. Army testing by demonstrating its capabilities on a UH-60M Black Hawk helicopter. The flight test was conducted at Redstone Arsenal in Huntsville, Ala., by the Redstone Test Center. The Northrop Grumman CIRCM system was subjected to rigorous conditions over a six-week period, after...
 
 
NASA photograph by David Olive

NASA completes successful battery of tests on composite cryotank

https://www.youtube.com/embed/qkGI6JeNY0E?enablejsapi=1&rel=0 NASA photograph by David Olive One of the largest composite cryotanks ever built recently completed a battery of tests at NASA’s Marshall Space Flight Cen...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>